US metals service center Reliance Steel and Aluminum expects to sell more metals in the first quarter.
The company expects sales to increase between 1-3pc in the first quarter of 2023 compared to the prior year, lifting sales to a range between 1.43mn-1.46mn short tons (st) of metals products.
Those sales would also equate to an increase of 11-13pc from the 1.29mn st sold in the fourth quarter, which decreased mainly because of holiday slowdowns.
Pricing is expected to fall in the first quarter by 3-5pc compared to the fourth quarter as prices continue to try to stabilize, the company said.
That would put the first quarter price estimates in a range of $2,659-2,715/st, down between 15-17pc from the prior year quarter.
Reliance made a profit of $350.5mn in the fourth quarter, down by 17pc compared to the prior year.
For 2022, Reliance earned a record profit of $1.84bn, up by 30pc compared to 2021.
